After the close of trading, Kohl's
KSS, +0.35%
said it earned $374.9 million, or $1.08 a share in the fourth quarter -- up from $318.8 million, or 92 cents a share in the year ago period.

Revenue at the Menomonee Fall, Wis.-based retailer came in at $4.65 billion, up 14.1%, with same-store sales rising 2.7%.

The average estimate of analysts polled by Thomson First Call had been for Kohl's to earn $1.07 a share on revenue of $4.72 billion.

"We concentrated on inventory management, resulting in lower clearance levels and the best gross margin performance in our history," said CEO Larry Montgomery in the earnings report. "We are attracting new customers and believe we are building momentum as a brand. In 2006, we will continue to focus on these initiatives: merchandise content, marketing, inventory management and the in-store shopping experience."

Shares of Kohl's ended the Thursday session down about 1% at $44.51.

Kohl's said earlier this month it was comfortable with the $1.07 a share fourth-quarter earnings estimate.

The fast-growing retailer has struggled in past quarters with shaky sales and bloated inventory, but has introduced several new clothing lines -- which received cheers from Wall Street -- to drive store traffic and boost sales.

New brands included Chaps, Apt 9, Tony Hawk and Daisy Fuentes.

Kohl's said it ended the year with 732 stores in 41 states, compared with 637 stores in 40 states at the end of 2004.

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